Weak crude weighed on energy shares around the region, with the benchmark Nymex contract languishing at or below $99 a barrel for much of the day.
Energy shares fell in Tokyo, with Inpex Corp. /zigman2/quotes/206689846/delayed JP:1605 +1.35% /zigman2/quotes/207958170/composite IPXHY +1.02% and Japan Petroleum Exploration Co. /zigman2/quotes/201212147/delayed JP:1662 -0.05% /zigman2/quotes/202925532/composite JPTXF -23.99% each ending 1.7% lower.
In Hong Kong, PetroChina Co. /zigman2/quotes/204979431/delayed HK:857 +2.55% /zigman2/quotes/206980083/delayed CN:601857 -0.46% /zigman2/quotes/205108732/composite PTR +4.46% slipped 0.6%, while China Petroleum & Chemical Corp. /zigman2/quotes/202085942/delayed HK:386 +1.70% /zigman2/quotes/202783176/composite SNP +3.69% , also known as Sinopec, ended flat.
Elsewhere in Asia, South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +1.43% closed with a 0.1% gain after moving in either direction during the session, and the Shanghai Composite /zigman2/quotes/206600939/delayed CN:000001 +0.15% narrowed a 1.1% drop in the morning session to close a more modest 0.2% lower, also benefitting from a rebound in many financials.
Markets in Australia were closed for a public holiday Monday.
Overall, last week’s Wall Street losses helped to depress investor sentiment in Asia. On Friday, the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +3.15% fell 1.4% to hit its lowest close since March 18, rounding out its sixth straight losing week. Read more on U.S. stocks.
“Last week was another poor week for risk appetite, with weaker-than-anticipated Chinese trade data adding another layer to global growth concerns that had been previously led by the U.S., following a run of weak economic data,” said Mitul Kotecha, a strategist at Credit Agricole SA in Hong Kong.
“Data releases this week are unlikely to reverse the negative sentiment pervading markets,” he said in a note to clients Monday.
In the U.S. this week, key releases are slated to include retail sales, consumer-price inflation, industrial production and consumer sentiment. See U.S. economic preview.